Germany's trade surplus slipped to €18.5B in December from €18.9B in November but came in above consensus of €17.3B. Exports surprisingly fell 0.9% on month after four gains in a row, while imports dropped 0.6%. "With these numbers, the secret hope that fourth-quarter growth was actually better than suggested by the Statistic Office's first estimates are fading away," says ING's Carsten Brzeski. The preliminary estimate for German Q4 GDP is +0.25%.
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